|
Report No. : |
344028 |
|
Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIME DARBY FUTURES TRADING SDN BHD |
|
|
|
|
Formerly Known As : |
MANPOWER DEVELOPMENT CORPORATION (MALAYSIA) SDN. BHD |
|
|
|
|
Registered Office : |
Main Block, Plantation Tower, 2, Jalan Pju 1a/7, Ara Damansara, Level
10, 47301 Petaling Jaya, Selangor |
|
|
|
|
Country : |
Malaysia |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
28.12.1981 |
|
|
|
|
Com. Reg. No.: |
79537-A |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of crude palm oil and palm oil products |
|
|
|
|
No. of Employee : |
120 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Malaysia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAYSIA - ECONOMIC OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO. |
: |
79537-A |
||||
|
COMPANY
NAME |
: |
SIME
DARBY FUTURES TRADING SDN BHD |
||||
|
FORMER
NAME |
: |
MANPOWER
DEVELOPMENT CORPORATION (MALAYSIA) SDN. BHD. (14/09/1985) |
||||
|
INCORPORATION
DATE |
: |
28/12/1981 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
MAIN
BLOCK, PLANTATION TOWER, 2, JALAN PJU 1A/7, ARA DAMANSARA, LEVEL 10, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
BUSINESS
ADDRESS |
: |
MAIN
BLOCK, PLANTATION TOWER, 2, JALAN PJU 1A/7, ARA DAMANSARA, LEVEL 7, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
||||
|
TEL.NO. |
: |
03-78484000 |
||||
|
FAX.NO. |
: |
03-78484172 |
||||
|
WEB
SITE |
: |
WWW.SIMEDARBY.COM |
||||
|
CONTACT
PERSON |
: |
JASNI
BIN MUHAMAD ( MANAGING DIRECTOR ) |
||||
|
INDUSTRY
CODE |
: |
46202
|
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF CRUDE PALM OIL AND PALM OIL PRODUCTS |
||||
|
AUTHORISED
CAPITAL |
: |
MYR
50,000,000.00 DIVIDED INTO |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
MYR
50,000,000.00 DIVIDED INTO |
||||
|
SALES |
: |
MYR
1,242,490,559 [2014] |
||||
|
NET
WORTH |
: |
MYR
187,913,702 [2014] |
||||
|
M1000
OVERALL RANKING |
: |
621[2011] |
||||
|
M1000
INDUSTRY RANKING |
: |
32[2011] |
||||
|
STAFF
STRENGTH |
: |
120
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
DEFAULTER
CHECK |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
NO
COMPLAINTS |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
INDUSTRY
OUTLOOK |
: |
MATURE |
||||
HISTORY
/ BACKGROUND
|
The
Subject is a private limited company and is allowed to have a minimum of one and
a maximum of forty-nine shareholders. As a private limited company, the Subject
must have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the Subject is insolvent. The Subject is governed by the
Companies Act, 1965 and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The
Subject is principally engaged in the (as a / as an) trading of crude palm oil
and palm oil products.
The
Subject is not listed on Bursa Malaysia (Malaysia Stock Exchange).
|
According
to the Malaysia 1000 publication, the Subject's ranking are as follows: |
|||
|
YEAR |
2011 |
||
|
OVERALL
RANKING |
621 |
||
|
INDUSTRY
RANKING |
32 |
||
The
immediate holding company of the Subject is SIME DARBY PLANTATION SDN. BHD., a
company incorporated in MALAYSIA.
Share
Capital History
|
Date |
Authorised
Shared Capital |
Issue
& Paid Up Capital |
|
04/11/2014 |
MYR
50,000,000.00 |
MYR
50,000,000.00 |
|
07/11/1995 |
MYR
2,000,000.00 |
MYR
2,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SIME
DARBY PLANTATION SDN. BHD. |
WISMA
COSPLANT 1, 2, JALAN SS 16/4, 4TH FLOOR, 47500 SUBANG JAYA, SELANGOR,
MALAYSIA. |
647766V |
50,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
50,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
Former Shareholder(s) :
|
Name |
Country |
IC/PP/Loc
No |
Shareholding |
Last
Updated |
|
SIME
DARBY NOMINEES SDN.BHD. |
MALAYSIA |
19350K |
2,000,000.00 |
11/03/2010 |
DIRECTORS
|
DIRECTOR 1
|
Name
Of Subject |
: |
MR.
SHARIMAN ALWANI BIN MOHAMED NORDIN |
|
Address |
: |
151-2-2,
MENARA DUTA, JALAN DUTAMAS RAYA, SEGAMBUT, 51200 KUALA LUMPUR, WILAYAH
PERSEKUTUAN, MALAYSIA. |
|
IC
/ PP No |
: |
A1366525 |
|
New
IC No |
: |
690921-03-5365 |
|
Date
of Birth |
: |
21/09/1969 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
10/02/2014 |
DIRECTOR
2
|
Name
Of Subject |
: |
MR.
JASNI BIN MUHAMAD |
|
Address |
: |
7,
JALAN PJU 1A/24B, ARA DAMANSARA, 47301 PETALING JAYA, SELANGOR, MALAYSIA. |
|
IC
/ PP No |
: |
6169529 |
|
New
IC No |
: |
610323-03-5135 |
|
Date
of Birth |
: |
23/03/1961 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
28/02/2005 |
DIRECTOR
3
|
Name
Of Subject |
: |
MS.
RENAKA A/P RAMACHANDRAN |
|
Address |
: |
19,
JALAN ENDAH 6/7, 46000 PETALING JAYA, SELANGOR, MALAYSIA. |
|
New
IC No |
: |
671005-10-6080 |
|
Date
of Birth |
: |
05/10/1967 |
|
Nationality |
: |
MALAYSIAN |
|
Date
of Appointment |
: |
24/08/2011 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
JASNI
BIN MUHAMAD |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
2)
|
Name
of Subject |
: |
ROSLI |
|
Position |
: |
HUMAN
RESOURCE MANAGER |
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS |
|
Auditor'
Address |
: |
1,
SENTRAL, JALAN TRAVERS, KUALA LUMPUR SENTRAL, LEVEL 10, 50470 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA. |
|
|
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
MS.
AZRIN NASHIHA BINTI ABDUL AZIZ |
|
IC
/ PP No |
: |
A1987809 |
|
|
New
IC No |
: |
720603-08-5564 |
|
|
Address |
: |
15,
JALAN DM 3B, DESA MOCCIS, 47000 SUNGAI BULOH, SELANGOR, MALAYSIA. |
|
|
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
CIMB
BANK BHD |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the Subject
has been involved in any litigation. Our databank consists of 99% of the wound
up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our defaulters' database which
comprised of debtors that have been blacklisted by our customers and debtors
that have been placed or assigned to us for collection.
No blacklisted record & debt collection case was found in our defaulters'
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers information.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
X |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|
||
|
Domestic
Markets |
: |
MALAYSIA |
|||
|
Overseas |
: |
YES |
|
||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Type
of Customer |
: |
PALM
OIL INDUSTRIES |
|||
The Subject refused to disclose its credit term information.
OPERATIONS
|
|
Goods
Traded |
: |
PALM
OIL PRODUCTS |
||
|
Competitor(s) |
: |
EURO
FIDELITY SDN BHD |
||
|
Ownership
of premises |
: |
LEASED/RENTED |
|
Total
Number of Employees: |
|
||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
|
COMPANY |
120 |
100 |
100 |
150 |
100 |
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of crude palm
oil and palm oil products.
The Subject is part of the Sime Darby Group which its dealing in trading and
marketing of the palm oil products.
We were informed that the Subject's products are divided into two categories as
palm products and lauric products.
The Subject's Palm products are Fresh fruit bunches (FFB), Crude palm oil,
Crude palm olein, Refined Bleached Deodorised Palm Olein, Refined Bleached
Deodorised Palm Oil, Refined Bleached Deodorised Palm Stearin, Palm Fatty Acid
Distillate, Palm Acid Oil.
The Subject's Lauric products are Palm
kernel, Crude palm kernel oil, Refined Bleached Deodorised Palm Kernel Olein,
Refined Bleached Deodorised Palm Kernel Oil, Refined Bleached Deodorised Palm
Kernel Stearin, Palm Kernel Fatty Acid Distillate.
The products offered by the Subject range
from bulk produce to bulk & packed refined products and specialized refined
products, which includes other edible oils, sustainable palm products (RSPO)and
International Sustainable Carbon Certified Certification (ISCC) products.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
0378484000 |
|
Current
Telephone Number |
: |
03-78484000 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
MAIN
BLOCK, PLANTATION TOWER, 2, JALAN PJU 1A/7, ARA DAMANSARA, LEVEL
7,47301,PETALING JAYA,SELANGOR. |
|
Current
Address |
: |
MAIN
BLOCK, PLANTATION TOWER, 2, JALAN PJU 1A/7, ARA DAMANSARA, LEVEL 7, 47301
PETALING JAYA, SELANGOR, MALAYSIA. |
|
Match |
: |
YES |
|
Latest
Financial Accounts |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information on the Subject.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
24.00% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
32.97% |
] |
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The Subject's
management have been efficient in controlling its operating costs. The
Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
2
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
112
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
3
Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
1.56
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.58
Times |
] |
|
|
A minimum liquid ratio of 1 should be
maintained by the Subject in order to assure its creditors of its ability to meet
short term obligations and the Subject was in a good liquidity position.
Thus, we believe the Subject is able to meet all its short term obligations
as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. The Subject had no gearing and hence
it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although the turnover was erratic, the
Subject had maintained a steady growth in its profit. This indicate the management's
efficiency in controlling its costs and profitability. The Subject was in
good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the Subject should be
able to repay its short term obligations. The Subject did not make any
interest payment during the year. The Subject was dependent on its
shareholders' funds to finance its business needs. The Subject was a zero
gearing company, it was solely dependant on its shareholders to provide funds
to finance its business. The Subject has good chance of getting loans, if the
needs arises. |
||||||
|
Overall
financial condition of the Subject : STRONG |
||||||
MALAYSIA
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major
Economic Indicators: |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Population
( Million) |
28.7 |
29.3 |
29.8 |
30.3 |
30.5 |
|
Gross
Domestic Products ( % ) |
5.1 |
5.6 |
5.3 |
6.0 |
6.0 |
|
Domestic
Demand ( % ) |
8.2 |
9.4 |
5.6 |
6.4 |
6.2 |
|
Private
Expenditure ( % ) |
8.2 |
8.0 |
8.6 |
7.9 |
6.9 |
|
Consumption
( % ) |
7.1 |
1.0 |
5.7 |
6.5 |
5.6 |
|
Investment
( % ) |
12.2 |
11.7 |
13.3 |
12.0 |
10.7 |
|
Public
Expenditure ( % ) |
8.4 |
13.3 |
4.4 |
2.3 |
4.2 |
|
Consumption
( % ) |
16.1 |
11.3 |
(1.2) |
2.1 |
3.8 |
|
Investment
( % ) |
(0.3) |
15.9 |
4.2 |
2.6 |
4.7 |
|
Balance
of Trade ( MYR Million ) |
116,058 |
106,300 |
71,298 |
52,314 |
- |
|
Government
Finance ( MYR Million ) |
(45,511) |
(42,297) |
(39,993) |
(37,291) |
- |
|
Government
Finance to GDP / Fiscal Deficit ( % ) |
(5.4) |
(4.5) |
(4.0) |
(3.5) |
(3.0) |
|
Inflation
( % Change in Composite CPI) |
3.1 |
1.6 |
2.5 |
3.2 |
4.0 |
|
Unemployment
Rate |
3.3 |
3.2 |
3.0 |
2.9 |
3.0 |
|
Net
International Reserves ( MYR Billion ) |
415 |
427 |
- |
417 |
- |
|
Average
Risk-Weighted Capital Adequacy Ratio ( % ) |
3.50 |
2.20 |
- |
4.00 |
- |
|
Average
3 Months of Non-performing Loans ( % ) |
14.80 |
14.70 |
- |
- |
- |
|
Average
Base Lending Rate ( % ) |
6.60 |
6.53 |
6.53 |
6.85 |
- |
|
Business
Loans Disbursed( % ) |
15.3 |
32.2 |
- |
56.0 |
- |
|
Foreign
Investment ( MYR Million ) |
23,546.1 |
26,230.4 |
38,238.0 |
43,486.6 |
- |
|
Consumer
Loans ( % ) |
- |
- |
- |
- |
- |
|
Registration
of New Companies ( No. ) |
45,455 |
45,441 |
46,321 |
49,144 |
- |
|
Registration
of New Companies ( % ) |
3.0 |
(0.0) |
1.9 |
6.1 |
- |
|
Liquidation
of Companies ( No. ) |
132,485 |
17,092 |
26,430 |
21,753 |
- |
|
Liquidation
of Companies ( % ) |
417.8 |
(87.1) |
54.6 |
(17.7) |
- |
|
Registration
of New Business ( No. ) |
284,598 |
324,761 |
329,895 |
332,723 |
- |
|
Registration
of New Business ( % ) |
5.0 |
14.0 |
2.0 |
1.0 |
- |
|
Business
Dissolved ( No. ) |
20,121 |
20,380 |
18,161 |
21,436 |
- |
|
Business
Dissolved ( % ) |
1.9 |
1.3 |
(10.9) |
18.0 |
- |
|
Sales
of New Passenger Cars (' 000 Unit ) |
535.1 |
552.2 |
576.7 |
598.4 |
610.3 |
|
Cellular
Phone Subscribers ( Million ) |
35.3 |
38.5 |
43.0 |
43.8 |
- |
|
Tourist
Arrival ( Million Persons ) |
24.7 |
25.0 |
25.7 |
28.0 |
- |
|
Hotel
Occupancy Rate ( % ) |
60.6 |
62.4 |
62.6 |
63.2 |
- |
|
Credit
Cards Spending ( % ) |
15.6 |
12.6 |
- |
13.5 |
- |
|
Bad
Cheque Offenders (No.) |
32,627 |
26,982 |
28,876 |
- |
- |
|
Individual
Bankruptcy ( No.) |
19,167 |
19,575 |
21,984 |
- |
- |
|
Individual
Bankruptcy ( % ) |
5.8 |
2.1 |
12.3 |
- |
- |
|
INDUSTRIES
( % of Growth ): |
2011 |
2012 |
2013 |
2014* |
2015** |
|
Agriculture |
5.8 |
1.0 |
2.1 |
3.8 |
3.1 |
|
Palm
Oil |
10.8 |
(0.3) |
2.6 |
6.7 |
- |
|
Rubber |
6.1 |
(7.9) |
(10.1) |
(10.4) |
- |
|
Forestry
& Logging |
(7.6) |
(4.5) |
(7.8) |
(4.2) |
- |
|
Fishing |
2.1 |
4.3 |
1.6 |
2.7 |
- |
|
Other
Agriculture |
7.1 |
6.4 |
8.2 |
6.2 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
634.1 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
3.2 |
- |
- |
- |
- |
|
Mining |
(5.4) |
1.4 |
0.9 |
(0.8) |
2.8 |
|
Oil
& Gas |
(1.7) |
- |
- |
3.0 |
- |
|
Other
Mining |
- |
- |
- |
46.6 |
- |
|
Industry
Non-performing Loans ( MYR Million ) |
46.5 |
- |
- |
- |
- |
|
%
of Industry Non-performing Loans |
0.1 |
- |
- |
- |
- |
|
Manufacturing
# |
4.7 |
4.8 |
3.4 |
6.4 |
5.5 |
|
Exported-oriented
Industries |
4.1 |
6.5 |
3.3 |
5.6 |
- |
|
Electrical
& Electronics |
(4.0) |
12.7 |
6.9 |
13.3 |
- |
|
Rubber
Products |
20.7 |
3.0 |
11.7 |
(0.3) |
- |
|
Wood
Products |
(5.1) |
8.7 |
(2.7) |
5.1 |
- |
|
Textiles
& Apparel |
13.2 |
(7.1) |
(2.6) |
11.5 |
- |
|
Domestic-oriented
Industries |
10.7 |
1.7 |
6.8 |
9.4 |
- |
|
Food,
Beverages & Tobacco |
4.80 |
2.70 |
3.60 |
6.13 |
6.13 |
|
Chemical
& Chemical Products |
10.0 |
10.8 |
5.6 |
1.4 |
- |
|
Plastic
Products |
3.8 |
- |
- |
2.7 |
- |
|
Iron
& Steel |
2.2 |
(6.6) |
5.0 |
0.1 |
- |
|
Fabricated
Metal Products |
21.8 |
13.8 |
9.9 |
2.9 |
- |
|
Non-metallic
Mineral |
12.1 |
2.9 |
(2.0) |
5.4 |
- |
|
Transport
Equipment |
12.0 |
3.4 |
13.8 |
22.9 |
- |
|
Paper
& Paper Products |
9.5 |
3.1 |
1.8 |
4.7 |
- |
|
Crude
Oil Refineries |
9.3 |
- |
- |
13.0 |
- |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,537.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
25.7 |
- |
- |
- |
- |
|
Construction |
4.7 |
18.6 |
10.9 |
12.7 |
10.7 |
|
Industry
Non-Performing Loans ( MYR Million ) |
3,856.9 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
10.2 |
- |
- |
- |
- |
|
Services |
7.1 |
6.4 |
5.9 |
5.9 |
5.6 |
|
Electric,
Gas & Water |
3.5 |
4.4 |
4.2 |
3.6 |
3.9 |
|
Transport,
Storage & Communication |
6.50 |
7.10 |
7.30 |
7.50 |
7.15 |
|
Wholesale,
Retail, Hotel & Restaurant |
5.2 |
4.7 |
5.9 |
6.9 |
6.5 |
|
Finance,
Insurance & Real Estate |
6.90 |
9.70 |
3.70 |
4.65 |
4.25 |
|
Government
Services |
12.4 |
9.4 |
8.3 |
6.1 |
5.6 |
|
Other
Services |
5.1 |
3.9 |
5.1 |
4.8 |
4.5 |
|
Industry
Non-Performing Loans ( MYR Million ) |
6,825.2 |
- |
- |
- |
- |
|
%
of Industry Non-Performing Loans |
23.4 |
- |
- |
- |
- |
|
*
Estimate / Preliminary |
|||||
|
**
Forecast |
|||||
|
#
Based On Manufacturing Production Index
|
|||||
INDUSTRY
ANALYSIS
|
|
MSIC
CODE |
|
|
46202
: Wholesale of palm oil |
|
|
INDUSTRY
: |
PALM
OIL |
|
According to the Malaysian Palm Oil Council
(MPOC), Malaysia currently accounts for 39% of world palm oil production and
44% of world exports in year 2014. Malaysia is also one of the biggest
producers and exporters of oil palm and palm oil products. In the last 5
years until year 2014, Malaysia earned between RM50 billion and RM70 billion
a year from palm oil exports. |
|
|
Besides, the ongoing implementation of
Entry Point Projects (EPPs) under the National Key Economic Area (NKEA) on
palm oil to enhance productivity of upstream and downstream activities will
further boost the palm oil sector. Thus, palm oil sector is expected to grow
6.7% in 2014 (2013: 2.6%). Moreover, the total oil palm planted areas
increased 2.8% to 5.3 million hectares as at end-June 2014 (end-June 2013:
5.2 million hectares) following the opening of 30,544 hectares of cultivated
areas mainly in Sabah and Sarawak. Other than that, the production of palm
oil is expected to growth by 1.6% (19.52 million tonnes) in year 2014,
compared to 19.22 million tonnes in year 2013. |
|
|
According to Kenanga Research, the
estimated average crude palm oil (CPO) price for 2014 and 2015 is between
RM2,100 and RM2,500 per tonne due to lower inventory estimate by end-2015.
The estimated prices also lifted by factors such as biofuel demand and
petroleum price level. But, the average price of crude palm oil (CPO)
strengthened to RM2,542 per tonne during the first eight months of 2014
(January - August 2013: Rm2,309 per tonne). However, with production rising
in the second quarter coupled with high inventory level (end-August 2014: 2.1
million tonnes), the price of CPO moderated to RM2,162 per tonne as at
end-August 2014, and hitting a five-year low of RM1,914 per tonne in Sept
2014 as stockpiles surged to a more than 1 year high above 2 million tonnes.
The moderation in CPO prices was also due to a surge in global supplies of
edible oil, particularly the bumper harvest of soybean in the US. |
|
|
Over the total exports of major products in
year 2013, palm oil accounts 6.4% of share in the total exports. During the
first seven months of 2014, export receipts of palm oil rebounded by 4.9% to
RM25.8 billion (January - July 2013: -21.9%, RM 24.6 billion) due to higher
export prices averaging RM 2,703 per tonne (January - July 2013: Rm 2,456 per
tonne). As a measure to reduce the high inventory due to strong output, the
Government has exempted export tax on CPO until December 2014. The
Government's move to extend the export duty exemption for crude palm oil
(CPO) has received positive reaction from industry players. The chairman of
Malaysian Palm Oil Board (MPOB) said the move provided a stable effect on the
CPO market prices. |
|
|
In Budget 2015, there is an allocation of
RM41 million for smallholders to plant and replant oil palm. The incentives
for commodities announced in Budget 2015 will help alleviate the problems
faced by the industry, especially the poor prices for rubber and palm oil. |
|
|
According to the Minister of Plantation Industries
and Commodities, the Malaysian government will increase the amount of palm
oil based bio-diesel in the national diesel supply mix from November 2014, in
a move that will also help to increase consumption of crude palm oil (CPO)
and reduce stockpile levels of the commodity. The implementation of the B7
blend will also increase the use palm oil which prices have softened due to
oversupply in the market. According to the Malaysian Palm Oil Council (MPOC),
CPO prices are expected to improve to between RM2,100 and RM2,500 in year
2015, lifted by factors such as biofuel demand from the B7 programme. CIMB
Research estimates that the rollout could raise the country's palm oil demand
by 263,000-390,000 tonnes per annum, or 1-2% of the total palm oil production
in 2013. |
|
|
OVERALL
INDUSTRY OUTLOOK : Mature |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIAN FINANCIAL
REPORTING STANDARDS(FRS) |
|
SIME
DARBY FUTURES TRADING SDN BHD |
|
Financial
Year End |
2014-06-30 |
2013-06-30 |
2012-06-30 |
2011-06-30 |
2010-06-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
MYR |
MYR |
MYR |
MYR |
MYR |
|
TURNOVER |
1,242,490,559 |
1,648,590,865 |
1,554,185,071 |
1,798,242,589 |
1,560,440,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
1,242,490,559 |
1,648,590,865 |
1,554,185,071 |
1,798,242,589 |
1,560,440,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
61,987,610 |
52,478,705 |
42,040,186 |
31,874,870 |
3,759,688 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
61,987,610 |
52,478,705 |
42,040,186 |
31,874,870 |
3,759,688 |
|
Taxation |
(16,880,586) |
(10,854,039) |
299,666 |
(7,988,624) |
(970,117) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
45,107,024 |
41,624,666 |
42,339,852 |
23,886,246 |
2,789,571 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
92,756,488 |
51,131,822 |
31,291,970 |
6,531,577 |
3,742,006 |
|
Prior
year adjustment |
- |
- |
- |
874,147 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
92,756,488 |
51,131,822 |
31,291,970 |
7,405,724 |
3,742,006 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
137,863,512 |
92,756,488 |
73,631,822 |
31,291,970 |
6,531,577 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
- |
(22,500,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
137,863,512 |
92,756,488 |
51,131,822 |
31,291,970 |
6,531,577 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE
SHEET
|
|
SIME
DARBY FUTURES TRADING SDN BHD |
|
Investments |
32 |
32 |
- |
- |
- |
|
Deferred
assets |
126,431 |
988,992 |
1,794,017 |
2,260,853 |
1,110,166 |
|
Others |
- |
- |
32 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
126,463 |
989,024 |
1,794,049 |
2,260,853 |
1,110,166 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
126,463 |
989,024 |
1,794,049 |
2,260,853 |
1,110,166 |
|
Stocks |
7,583,853 |
3,150 |
72,741 |
12,070,789 |
143,370,990 |
|
Trade
debtors |
382,949,962 |
128,993,801 |
157,423,698 |
21,964,208 |
71,967,420 |
|
Other
debtors, deposits & prepayments |
12,799,289 |
3,887,870 |
2,313,211 |
329,381 |
22,636,433 |
|
Amount
due from holding company |
- |
180,504,333 |
110,170,324 |
125,563,131 |
- |
|
Amount
due from related companies |
84,586,706 |
79,841,889 |
135,475,373 |
159,038,795 |
241,435,785 |
|
Cash
& bank balances |
17,030,499 |
3,573,099 |
15,846,316 |
25,245,707 |
32,280,373 |
|
Others |
6,639,151 |
2,970,486 |
6,752,493 |
38,033 |
986,700 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
511,589,460 |
399,774,628 |
428,054,156 |
344,250,044 |
512,677,701 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
511,715,923 |
400,763,652 |
429,848,205 |
346,510,897 |
513,787,867 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
9,301,753 |
9,053,949 |
- |
840,446 |
- |
|
Other
creditors & accruals |
- |
4,646 |
6,449,379 |
3,966,057 |
4,666,896 |
|
Amounts
owing to holding company |
1,293,928 |
- |
- |
- |
279,465,738 |
|
Amounts
owing to related companies |
303,312,575 |
247,530,122 |
312,783,683 |
253,686,952 |
221,123,656 |
|
Provision
for taxation |
5,778,705 |
381,957 |
1,649,781 |
5,646,689 |
- |
|
Other
liabilities |
4,033,241 |
3,866,940 |
10,843,528 |
1,078,783 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
323,720,202 |
260,837,614 |
331,726,371 |
265,218,927 |
505,256,290 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
187,869,258 |
138,937,014 |
96,327,785 |
79,031,117 |
7,421,411 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
187,995,721 |
139,926,038 |
98,121,834 |
81,291,970 |
8,531,577 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
2,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
2,000,000 |
|
Retained
profit/(loss) carried forward |
137,863,512 |
92,756,488 |
51,131,822 |
31,291,970 |
6,531,577 |
|
Others |
50,190 |
(2,853,001) |
(3,009,988) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
137,913,702 |
89,903,487 |
48,121,834 |
31,291,970 |
6,531,577 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
187,913,702 |
139,903,487 |
98,121,834 |
81,291,970 |
8,531,577 |
|
Retirement
benefits provision |
82,019 |
22,551 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
82,019 |
22,551 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
187,995,721 |
139,926,038 |
98,121,834 |
81,291,970 |
8,531,577 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
SIME
DARBY FUTURES TRADING SDN BHD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
17,030,499 |
3,573,099 |
15,846,316 |
25,245,707 |
32,280,373 |
|
Net
Liquid Funds |
17,030,499 |
3,573,099 |
15,846,316 |
25,245,707 |
32,280,373 |
|
Net
Liquid Assets |
180,285,405 |
138,933,864 |
96,255,044 |
66,960,328 |
(135,949,579) |
|
Net
Current Assets/(Liabilities) |
187,869,258 |
138,937,014 |
96,327,785 |
79,031,117 |
7,421,411 |
|
Net
Tangible Assets |
187,995,721 |
139,926,038 |
98,121,834 |
81,291,970 |
8,531,577 |
|
Net
Monetary Assets |
180,203,386 |
138,911,313 |
96,255,044 |
66,960,328 |
(135,949,579) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
61,987,610 |
52,478,705 |
42,040,186 |
31,874,870 |
3,759,688 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
61,987,610 |
52,478,705 |
42,040,186 |
31,874,870 |
3,759,688 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
323,802,221 |
260,860,165 |
331,726,371 |
265,218,927 |
505,256,290 |
|
Total
Assets |
511,715,923 |
400,763,652 |
429,848,205 |
346,510,897 |
513,787,867 |
|
Net
Assets |
187,995,721 |
139,926,038 |
98,121,834 |
81,291,970 |
8,531,577 |
|
Net
Assets Backing |
187,913,702 |
139,903,487 |
98,121,834 |
81,291,970 |
8,531,577 |
|
Shareholders'
Funds |
187,913,702 |
139,903,487 |
98,121,834 |
81,291,970 |
8,531,577 |
|
Total
Share Capital |
50,000,000 |
50,000,000 |
50,000,000 |
50,000,000 |
2,000,000 |
|
Total
Reserves |
137,913,702 |
89,903,487 |
48,121,834 |
31,291,970 |
6,531,577 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.05 |
0.01 |
0.05 |
0.10 |
0.06 |
|
Liquid
Ratio |
1.56 |
1.53 |
1.29 |
1.25 |
0.73 |
|
Current
Ratio |
1.58 |
1.53 |
1.29 |
1.30 |
1.01 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
2 |
0 |
0 |
2 |
34 |
|
Debtors
Ratio |
112 |
29 |
37 |
4 |
17 |
|
Creditors
Ratio |
3 |
2 |
0 |
0 |
0 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
1.72 |
1.86 |
3.38 |
3.26 |
59.22 |
|
Times
Interest Earned Ratio |
0 |
0 |
0 |
0 |
0 |
|
Assets
Backing Ratio |
3.76 |
2.80 |
1.96 |
1.63 |
4.27 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
4.99 |
3.18 |
2.70 |
1.77 |
0.24 |
|
Net
Profit Margin |
3.63 |
2.52 |
2.72 |
1.33 |
0.18 |
|
Return
On Net Assets |
32.97 |
37.50 |
42.84 |
39.21 |
44.07 |
|
Return
On Capital Employed |
32.97 |
37.50 |
42.84 |
39.21 |
44.07 |
|
Return
On Shareholders' Funds/Equity |
24.00 |
29.75 |
43.15 |
29.38 |
32.70 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0.53 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.26 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEN |
|
|
|
|
Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.